Defi Insiders Reap Rewards And Retail Investors Get Burned, Says SEC

FORTUNE

A top SEC official raised concerns over the lack of transparency and anonymity in decentralized finance. DeFi, or decentralized finance, is a blockchain-based alternative to traditional banks, exchanges, and financial enterprises. With its increasing popularity, hacks, frauds, and thievery have all been on the rise. The SEC commissioner wrote that DeFi is about investing in speculative risks. Therefore, participants in decentralized financial markets need to have some sort of code of conduct to keep the market free from corruption. Without a common set of conduct expectations, there is the potential for fraud and self-dealing in markets.

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Treasury advances blockchain proof of concept for grant payments

FEDSCOOP

The Treasury Department is testing a blockchain proof of concept to tokenize grant payments, which would increase transparency and reduce the reporting required for National Science Foundation (NSF). The Bureau of the Fiscal Service (BFS) is working on a proof of concept. The Bureau pays grant recipients using their banking number so it knows who was paid. But what happens to the money after is harder to track increasing the reporting burden on NSF-funded research. BFS may audit everywhere that the token has been to ensure complete transparency, as well as pre-populate reports like the Federal Financial Report.

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Twitter Launches Cryptocurrency Team to Explore Bitcoin, Blockchain Uses

THE WALL STREET JOURNAL

Twitter has established a dedicated team to set the strategy for their crypto and Blockchain future. The newly formed "Twitter Crypto" group will assist the creators on the social media platform. Twitter is exploring ways to support cryptocurrencies as a way for creators to be paid, exploring how blockchain technologies can create an additional way for creators to earn a living, and leading the company’s efforts to decentralize social media. The new team will work under Twitter's CTO to explore how crypto can push the boundaries of what’s possible. Jack Dorsey, the CEO of Twitter and Square, has been a vocal proponent of cryptocurrency.

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JPMorgan Team Suggests Crypto’s DeFi Boom Slower Than It Seems

BLOOMBERG

The expansion of decentralized finance is less explosive than it seems. This year's DeFi growth rate was over 780%, owing to the price increase in Ether. The Ethereum network now maintains a 70% market share for DeFi activity, down from almost total lock at the start of the year. Regulators are concerned that the crypto lending and DeFi (distributed finance) markets may be risky and could affect mainstream financial markets. The strategists say that many hurdles exist before decentralized finance becomes mainstream. Regulators are concerned that the crypto lending and DeFi markets may be risky, and could affect mainstream financial markets.

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MachineFi: The Future Of Smart Devices, IoT And Blockchain

FORBES

A new paradigm shift in the blockchain and crypto space is happening, focusing on the decentralization of everything. MachineFi is a new concept that refers to the intersection of smart devices and finance. MachineFi is the catch-all name for the ecosystem of smart devices that are beginning to grab significant market share in the world of finance. Smart devices are now a reality, but the question is how to live with them while preserving our privacy. Blockchain is an obvious solution for protecting the privacy and delivering a more secure user experience.

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